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The distinction matters for crypto businesses. The filing shows regulatory work is moving forward, but exchanges and other market participants cannot yet consider it a set of rules they must adhere to.
The CFTC’s move also comes as other US regulators continue to craft their own crypto policies. The agency and the Securities and Exchange Commission (SEC) jointly issued an interpretation in March on how certain crypto assets would be treated under federal securities laws.
A lot of bigger questions remain without the CLARITY Act. The bill aimed to establish a federal framework for digital commodities and delineate the roles of the SEC and the CFTC.
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“Therefore, we have been having this debate,” he added. “I have been to Congress, the Supreme Federal Court, and the Attorney General’s office to talk about the impact of betting on the lives of Brazilians.
“We have made progress, such as increasing the direct tax to 15% and including the activity in the Selective Tax. Those benefiting from social programmes and those who joined the Desenrola programme were also prohibited from betting.”
He also pointed to the self-exclusion mechanism adopted by the government.
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According to a high court ruling from over a decade ago, the tax rise cannot be allowed to rise to the point of ‘consuming livelihoods’.
“If the tax burden alone makes it impossible to establish the occupation of slot machine operators as the economic basis of one’s livelihood within the municipality,” the ruling said.
Braun also argued that the public had been excluded from the preparatory finance committee meeting without justification.
